The directors of Australian fast charger manufacturer Tritium have declared the company as well as three of its Australian subsidiaries—Tritium, Tritium Holdings and Tritium Nominee—insolvent and called in voluntary administration, according to a statement filed to the US Securities and Exchange Commission (SEC).

“The Company’s other subsidiaries will continue to operate outside the voluntary administration,” the SEC filing stated.

The company stated on April 11 that it had received a warning from the Nasdaq stock exchange in New York where its shares were listed that it no longer met the requirements to retain its listing.

Lenders have appointed a receiver to take control of the company’s assets and seek buyers.

Tritium was one of the early leaders in the EV charging infrastructure rollout, reaching a valuation of $2 billion with its Nasdaq listing in 2022. But there were signs of trouble as it closed its Brisbane factory and moved its production to its US base in Tennessee last year. The company said in November that it had a fleet of more than 14,500 chargers across 47 countries.

Source: Tritium